UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

The Gabelli Global Multimedia Trust Inc.

(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422

Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center

Rye, New York 10580-1422

Registrant’s telephone number, including area code: 1-800-422-3554

Date of fiscal year end: December 31

Date of reporting period: March 31, 2010

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 

Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

The Gabelli Global Multimedia Trust Inc.

First Quarter Report
March 31, 2010

To Our Shareholders,

     The Gabelli Global Multimedia Trust’s (the “Fund”) net asset value (“NAV”) total return was 8.8% during the first quarter of 2010, compared with increases of 5.4% and 3.2% for the Standard & Poor’s (“S&P”) 500 Index and for the Morgan Stanley Capital International (“MSCI”) World Free Index, respectively. The total return of the Fund’s publicly traded shares was 12.1% during the first quarter.

     Enclosed is the investment portfolio as of March 31, 2010.

Comparative Results

(a)		Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. When shares are sold, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The S&P 500 and MSCI World Free Indices are unmanaged indicators of stock market performance. Dividends are considered reinvested except for the MSCI World Free Index. You cannot invest directly in an index.
(b)		Total returns and average annual returns reflect changes in the NAV per share, reinvestment of distributions at NAV on the ex-dividend date, and adjustments for rights offerings and are net of expenses. Since inception return is based on an initial NAV of $7.50.
(c)		Total returns and average annual returns reflect changes in closing market values on the New York Stock Exchange, reinvestment of distributions, and adjustments for rights offerings. Since inception return is based on an initial offering price of $7.50.
(d)		From November 30, 1994, the date closest to the Fund’s inception for which data is available.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS
March 31, 2010 (Unaudited)

						Market
Shares						Value
				COMMON STOCKS — 93.1%
				DISTRIBUTION COMPANIES — 56.0%
				Broadcasting — 8.0%
	1,000			Asahi Broadcasting Corp.		$	49,203
	58,000			CBS Corp., Cl. A, Voting			808,520
	6,400			Chubu-Nippon Broadcasting Co. Ltd.			34,160
	21,000			Cogeco Inc.			695,761
	2,000			Corus Entertainment Inc., Cl. B, New York			39,080
	13,000			Corus Entertainment Inc., Cl. B, Toronto			254,074
	80,000			Discovery Communications Inc., Cl. A†			2,703,200
	60,000			Discovery Communications Inc., Cl. C†			1,764,600
	24,000			Fisher Communications Inc.†			338,400
	30,000			Gray Television Inc.†			69,000
	9,000			Grupo Radio Centro SAB de CV, ADR			73,980
	4,550			Lagardere SCA			184,119
	32,000			LIN TV Corp., Cl. A†			184,000
	4,000			M6 Metropole Television			103,460
	68,566			Media Prima Berhad			45,192
	4,000			Nippon Television Network Corp.			544,229
	4,650			NRJ Group†			43,022
	1,000			NTN Buzztime Inc.†			500
	500			Radio One Inc., Cl. A†			1,600
	3,500			RTL Group SA			281,511
	68,000			Salem Communications Corp., Cl. A†			243,440
	45,000			Sinclair Broadcast Group Inc., Cl. A†			228,600
	25,000			Societe Television Francaise 1			463,782
	50,000			Television Broadcasts Ltd.			242,135
	138,000			Tokyo Broadcasting System Holdings Inc.			2,090,149
	258			TV Asahi Corp.			391,871
	240,000			TV Azteca SA de CV, CPO			139,181
	27,000			UTV Media plc			50,396
							12,067,165
				Business Services — 0.3%
	1,000			Convergys Corp.†			12,260
	6,000			Impellam Group plc†			6,191
	8,000			Interactive Data Corp.			256,000
	10,000			Monster Worldwide Inc.†			166,100
	2,040			Shellproof Ltd.†			991
	1,500			Shellshock Ltd.†			1,195
							442,737
				Cable —12.2%
	16,578			Austar United Communications Ltd.†			18,103
	230,000			Cablevision Systems Corp., Cl. A			5,552,200
	38,500			Cogeco Cable Inc.			1,564,791
	30,000			Comcast Corp., Cl. A			564 600
	18,000			Comcast Corp., Cl. A, Special			323,460
	10,000			Mediacom Communications Corp., Cl. A†			59,500
	140,690			Rogers Communications Inc., Cl. B, New York			4,801,750
	19,310			Rogers Communications Inc., Cl. B, Toronto			659 542
	40,000			Scripps Networks Interactive Inc., Cl. A			1,774,000
	18,000			Shaw Communications Inc., Cl. B, New York			357 660
	78,000			Shaw Communications Inc., Cl. B, Toronto			1,544,410
	22,000			Time Warner Cable Inc.			1,172,820
							18,392,836
				Consumer Services — 2.2%
	4,000			Bowlin Travel Centers Inc.†			4,600
	5,000			Coinstar Inc.†			162, 500
	20,000			H&R Block Inc.			356,000
	25,000			IAC/Inter Active Corp.†			568,500
	110,000			Liberty Media Corp. — Interactive, Cl. A†			1,684,100
	2,000			Netflix Inc.†			147,480
	22,000			TiVo Inc.†			376,640
							3,299,820
				Diversified Industrial — 1.1%
	23,000			Bouygues SA			1,156,244
	18,432			Contax Participacoes SA, ADR			49,398
	20,000			General Electric Co.			364,000
	3,000			Jardine Strategic Holdings Ltd.			57,720
	6,000			Malaysian Resources Corp. Berhad†			3,035
							1,630,397
				Entertainment — 5.6%
	2,800			British Sky Broadcasting Group plc, ADR			101,892
	10,000			Canal+ Groupe			79,297
	4,005			Chestnut Hill Ventures† (a)			135,089
	280,000			Grupo Televisa SA, ADR			5,885,600
	58,000			Madison Square Garden Inc., Cl. A†			1,260,340
	15,000			Naspers Ltd., Cl. N			651,793
	6,000			Regal Entertainment Group, Cl. A			105,420
	20,000			Take-Two Interactive Software Inc.†			197,000
							8,416,431

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2010 (Unaudited)

Shares/						Market
Units						Value
				COMMON STOCKS (Continued)
				DISTRIBUTION COMPANIES (Continued)
				Equipment —1.7%
	11,000			American Tower Corp., Cl. A†		$	468,710
	2,000			Amphenol Corp., Cl. A			84,380
	70,000			Corning Inc.			1,414,700
	20,000			Motorola Inc.†			140,400
	10,000			Nextwave Wireless Inc.†			4,701
	10,000			QUALCOMM Inc.			419,900
	2,000			The Furukawa Electric Co. Ltd.			10,397
							2,543,188
				Financial Services — 0.3%
	20,298			BCB Holdings Ltd.†			33,113
	20,000			Kinnevik Investment AB, Cl. A			390,549
	3,000			Tree.com Inc.†			27,450
							451,112
				Food and Beverage — 0.2%
	3,000			Compass Group plc			23,946
	2,994			Pernod-Ricard SA			254,238
							278,184
				Real Estate — 0.0%
	1,000			Reading International Inc., Cl. B†			8,425
				Retail — 1.3%
	32,000			Best Buy Co. Inc.			1,361,280
	18,000			HSN Inc.†			529,920
							1,891,200
				Satellite — 5.0%
	1,000			Asia Satellite Telecommunications Holdings Ltd.			1,456
	195,000			DIRECTV, Cl. A†			6,592,950
	28,000			DISH Network Corp., Cl. A			582,960
	8,000			EchoStar Corp., Cl. A†			162,240
	6,000			PT Indosat Tbk, ADR			182,760
	30			SKY Perfect JSAT Holdings Inc.			12,900
							7,535,266
				Telecommunications: Long Distance — 1.4%
	2,000			AT&T Inc.			51,680
	6,064			Brasil Telecom SA, ADR†			115,762
	2,500			Brasil Telecom SA, Cl. C, ADR†			21,175
	24,000			Philippine Long Distance Telephone Co., ADR			1,278,720
	5,000			Portugal Telecom SGPS SA			55,904
	87,000			Sprint Nextel Corp.†			330,600
	1,000			Startec Global Communications Corp.† (a)			2
	10,000			Sycamore Networks Inc.			201,100
							2,054,943
				Telecommunications: National — 7.2%
	5,000			China Telecom Corp. Ltd., ADR			244,950
	5,000			China Unicom Hong Kong Ltd., ADR			55,750
	65,000			Deutsche Telekom AG, ADR			877,500
	30,000			Elisa Oyj			618,736
	2,000			Fastweb SpA†			37,413
	3,000			France Telecom SA, ADR			72,090
	3,305			Hellenic Telecommunications Organization SA			41,023
	2,000			Level 3 Communications Inc.†			3,240
	500			Magyar Telekom Telecommunications plc, ADR			10,300
	5,000			Nippon Telegraph & Telephone Corp.			210,718
	3,000			PT Telekomunikasi Indonesia, ADR			107,280
	6,000			Rostelecom, ADR			178,500
	30,000			Swisscom AG, ADR			1,091,700
	6,000			Telecom Argentina SA, ADR†			112,440
	400,000			Telecom Italia SpA			575,920
	40,000			Telefonica SA, ADR			2,844,000
	37,000			Telefonos de Mexico SAB de CV, Cl. L, ADR			577,200
	8,000			Telekom Austria AG			111,835
	18,172			TeliaSonera AB			128,980
	38,000			Telmex Internacional SAB de CV, ADR			732,640
	2,400			Telstra Corp. Ltd., ADR			33,000
	20,000			tw telecom inc.†			363,000
	58,000			Verizon Communications Inc.			1,799,160
							10,827,375
				Telecommunications: Regional — 3.8%
	4,266			Bell Aliant Regional Communications Income Fund			106,729
	2,537			Bell Aliant Regional Communications Income Fund (a)(b)			63,472
	5,000			CenturyTel Inc.			177,300
	70,000			Cincinnati Bell Inc.†			238,700
	45,000			Qwest Communications International Inc.			234,900
	17,000			Tele Norte Leste Participacoes SA, ADR			300,220
	60,000			Telephone & Data Systems Inc.			2,031,000
	48,000			Telephone & Data Systems Inc., Special			1,432,320
	24,000			TELUS Corp.			893,221
	8,000			TELUS Corp., Non-Voting			286,560
							5,764,422

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2010 (Unaudited)

						Market
Shares						Value
				COMMON STOCKS (Continued)
				DISTRIBUTION COMPANIES (Continued)
				Wireless Communications — 5.7%
	46,000			America Movil SAB de CV, Cl. L, ADR		$	2,315,640
	2,513			Grupo Iusacell SA de CV†			9,746
	240,000			Jasmine International Public Co. Ltd.† (a)			3,266
	8,000			Millicom International Cellular SA			713,200
	900			NTT DoCoMo Inc.			1,370,842
	17,700			Orascom Telecom Holding SAE, GDR			90,624
	30,000			Price Communications Corp., Escrow† (a)			0
	34,000			SK Telecom Co. Ltd., ADR			586,840
	2,500			Tim Participacoes SA, ADR			69,400
	3,000			Turkcell Iletisim Hizmetleri A/S, ADR			45,180
	30,000			United States Cellular Corp.†			1,241,400
	89,000			Vimpel-Communications, ADR			1,638,490
	13,378			Vivo Participacoes SA, ADR			362,678
	8,000			Vodafone Group plc, ADR			186,320
							8,633,626
				TOTAL DISTRIBUTION COMPANIES			84,237,127
				COPYRIGHT/CREATIVITY COMPANIES — 37.1%
				Business Services: Advertising — 1.7%
	90,000			Clear Channel Outdoor Holdings Inc., Cl. A†			954,900
	18,000			Harte-Hanks Inc.			231,480
	4,200			Havas SA			21,142
	9,000			JC Decaux SA†			251,506
	2,000			Publicis Groupe			85,578
	99,500			SearchMedia Holdings Ltd.†			468,645
	60,000			The Interpublic Group of Companies Inc.†			499,200
	15,000			Trans-Lux Corp.†			12,750
							2,525,201
				Computer Hardware — 0.4%
	2,500			Apple Inc.†			587,325
				Computer Software and Services — 5.7%
	78,000			Activision Blizzard Inc.			940,680
	21,500			Alibaba.com Ltd.			43,253
	5,000			America Online Latin America Inc., Cl. A† (a)			10
	6,184			AOL Inc.†			156,332
	42,000			eBay Inc.†			1,131,900
	90,000			Electronic Arts Inc.†			1,679,400
	4,000			Google Inc., Cl. A†			2,268,040
	145,000			Yahoo! Inc.†			2,396,850
							8,616,465
				Consumer Products — 0.5%
	2,000			Nintendo Co. Ltd.			669,590
				Electronics — 0.6%
	3,500			IMAX Corp.†			62,965
	32,000			Intel Corp.			712,320
	3,000			Koninklijke Philips Electronics NV			96,060
	6,000			Zoran Corp.†			64,560
							935,905
				Entertainment — 13.5%
	6,000			Ascent Media Corp., Cl. A†			163,500
	1,690			Atrinsic Inc.†			1,386
	1,161			Corporation Interamericana de Entretenimiento SAB de CV, Cl. B†			617
	20,000			Crown Media Holdings Inc., Cl. A†			38,400
	23,000			DreamWorks Animation SKG Inc., Cl. A†			905,970
	60,000			GMM Grammy Public Co. Ltd.			24,865
	77,843			Liberty Global Inc., Cl. A†			2,269,902
	75,000			Liberty Global Inc., Cl. C†			2,166,750
	75,500			Liberty Media Corp. — Capital, Cl. A†			2,745,935
	11,000			Liberty Media Corp. — Starz, Cl. A†			601,480
	5,423			Live Nation Entertainment Inc.†			78,634
	17,000			STV Group plc†			14,447
	2,000			The Walt Disney Co.			69,820
	68,033			Time Warner Inc.			2,127,392
	215,000			Universal Entertainment Corp.			3,127,607
	53,000			Viacom Inc., Cl. A†			1,944,040
	6,000			Viacom Inc., Cl. B†			206,280
	140,000			Vivendi			3,746,860
	3,000			World Wrestling Entertainment Inc., Cl. A			51,900
							20,285,785
				Hotels and Gaming — 9.6%
	70,000			Boyd Gaming Corp.†			691,600
	90,000			Gaylord Entertainment Co.†			2,636,100
	4,200			Greek Organization of Football Prognostics SA			95,302
	73,000			International Game Technology			1,346,850
	18,000			Interval Leisure Group Inc.†			262,080
	660,000			Ladbrokes plc			1,592,461
	32,000			Las Vegas Sands Corp.†			676,800
	90,000			Melco Crown Entertainment Ltd., ADR†			433,800
	126,000			MGM Mirage†			1,512,000
	27,000			Penn National Gaming Inc.†			750,600
	140,000			Pinnacle Entertainment Inc.†			1,363,600
	7,000			Starwood Hotels & Resorts Worldwide Inc.			326,480
	30,000			Wynn Macau Ltd.†			43,275
	36,000			Wynn Resorts Ltd.			2,729,880
							14,460,828

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2010 (Unaudited)

						Market
Shares						Value
				COMMON STOCKS (Continued)
				COPYRIGHT/CREATIVITY COMPANIES (Continued)
				Publishing — 5.1%
	20,000			Arnoldo Mondadori Editore SpA†		$	83,133
	75,000			Belo Corp., Cl. A			511,500
	3,000			Gannett Co. Inc.			49,560
	2,833			Golden Books Family Entertainment Inc.† (a)			0
	2,000			Idearc Inc.† (a)			7
	55,500			Il Sole 24 Ore			128,934
	50,000			Independent News & Media plc†			7,766
	800			John Wiley & Sons Inc., Cl. B			36,012
	13,000			Meredith Corp.			447,330
	100,000			Nation Multimedia Group Public Co. Ltd.† (a)			17,009
	220,000			News Corp., Cl. A			3,170,200
	40,000			News Corp., Cl. B			680,400
	974,000			Post Publishing Public Co. Ltd. (a)			108,440
	4,000			PRIMEDIA Inc.			13,760
	2,360			Sanoma Oyj			52,276
	1,000			Scholastic Corp.			28,000
	252,671			Singapore Press Holdings Ltd.			689,948
	600			Spir Communication†			16,516
	10,000			Telegraaf Media Groep NV			188,417
	6,000			The E.W. Scripps Co., Cl. A†			50,700
	33,000			The McGraw-Hill Companies Inc.			1,176,450
	11,091			United Business Media Ltd.			92,316
	3,000			Wolters Kluwer NV			65,054
							7,613,728
				TOTAL COPYRIGHT/CREATIVITY COMPANIES			55,694,827
				TOTAL COMMON STOCKS			139,931,954
				PREFERRED STOCKS — 0.0%
				Business Services — 0.0%
	2,209			Interep National Radio Sales Inc., 4.000% Cv. Pfd., Ser. A† (a)(b)(c)			0
				RIGHTS — 0.0%
				Wireless Communications — 0.0%
	8,000			Clearwire Corp., expire 06/21/10†			1,480
				WARRANTS — 0.1%
				Broadcasting — 0.0%
	2,250			Granite Broadcasting Corp., Ser. A, expire 06/04/12† (a)			2
	254			Granite Broadcasting Corp., Ser. B, expire 06/04/12† (a)			0
	10,244			Media Prima Berhad, expire 12/31/14			1,978
							1,980
				Business Services: Advertising —0.1%
	99,500			SearchMedia Holdings Ltd., expire 11/19/11†			94,515
				TOTAL WARRANTS			96,495

Principal
Amount
				U.S. GOVERNMENT OBLIGATIONS — 6.8%
				U.S. TREASURY BILLS — 5.5%
$	8,260,000			U.S. Treasury Bills, 0.096% to 0.162%††, 04/22/10 to 06/03/10			8,258,451
				U.S. TREASURY CASH MANAGEMENT BILLS — 1.3%
	1,950,000			U.S. Treasury Cash Management Bills, 0.117% to 0.170%††, 06/10/10 to 07/15/10			1,949,429
				TOTAL U.S. GOVERNMENT OBLIGATIONS			10,207,880
TOTAL INVESTMENTS — 100.0% (Cost $113,490,475)							$150,237,809

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2010 (Unaudited)

		Market
		Value
Aggregate book cost		$	116,176,608
Gross unrealized appreciation		$	48,579,873
Gross unrealized depreciation			(14,518,672	)
Net unrealized appreciation/depreciation		$	34,061,201

		% of
		Market				Market
Geographic Diversification		Value				Value
North America			70.9	%		$	106,493,308
Europe			12.5				18,903,508
Latin America			7.9				11,841,210
Japan			5.7				8,511,665
Asia/Pacific			2.5				3,745,701
South Africa			0.4				651,793
Africa/Middle East			0.1				90,624
Total Investments			100.0	%		$	150,237,809

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

1. Security Valuation. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the United States of America over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Directors (the “Board”) so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by Gabelli Funds, LLC (the “Adviser”).

     Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market but prior to the close of business on the day the securities are being valued. Debt instruments with remaining maturities of sixty days or less that are not credit impaired are valued at amortized cost, unless the Board determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. Debt instruments having a maturity greater than sixty days for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded.

     Securities and assets for which market quotations are not readily available are fair valued as determined by the Board.

     The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

	•		Level 1 — quoted prices in active markets for identical securities;
	•		Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates,prepayment speeds, credit risk, etc.); and
	•		Level 3 — significant unobservable inputs (including the Fund’s determinations as to the fair value of investments).

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

     The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments and other financial instruments by inputs used to value the Fund’s investments as of March 31, 2010 is as follows:

		Valuation Inputs
		Level 1				Level 2				Level 3				Total
		Quoted				Other Significant				Significant				Market Value
		Prices				Observable Inputs				Unobservable Inputs				at 3/31/10
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Distribution Companies
Entertainment		$	8,281,342				—			$	135,089			$	8,416,431
Telecommunications: Long Distance			2,054,941				—				2				2,054,943
Telecommunications: Regional			5,700,950			$	63,472				—				5,764,422
Wireless Communications			8,630,360				3,266				0				8,633,626
Other Industries (a)			59,367,705				—				—				59,367,705
Copyright/Creativity Companies
Computer Software and Services			8,616,455				—				10				8,616,465
Publishing			7,488,272				125,449				7				7,613,728
Other Industries (a)			39,464,634				—				—				39,464,634
Total Common Stocks			139,604,659				192,187				135,108				139,931,954
Preferred Stocks (a)			—				—				0				—
Rights (a)			1,480				—				—				1,480
Warrants:
Broadcasting			1,978				2				—				1,980
Other Industries (a)			94,515				—				—				94,515
Total Warrants			96,493				2				—				96,495
U.S. Government Obligations			—				10,207,880				—				10,207,880
TOTAL INVESTMENTS IN SECURITIES		$	139,702,632			$	10,400,069			$	135,108			$	150,237,809
OTHER FINANCIAL INSTRUMENTS:
LIABILITIES (Unrealized Depreciation):*
INTEREST RATE CONTRACT:
Interest Rate Swap Agreement		$	—			$	(794,399	)		$	—			$	(794,399	)

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

     The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

																																		Net change
																																		in unrealized
																																		appreciation/
																																		depreciation
														Change in																				during the
		Balance				Accrued				Realized				unrealized				Net				Transfers				Transfers				Balance				period on Level 3
		as of				discounts/				gain/				appreciation/				purchases/				into				out of				as of				investments held
		12/31/09				(premiums)				(loss)				depreciation				(sales)				Level 3†				Level 3†				3/31/10				at 3/31/10
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Distribution Companies
Entertainment		$	135,089			$	—			$	—			$	—			$	—			$	—			$	—			$	135,089			$	—
Telecommunications: Long Distance			2				—				—				—				—				—				—				2				—
Wireless Communications			0				—				—				—				—				—				—				0				—
Copyright/Creativity Companies
Computer Software and Services			10				—				—				—				—				—				—				10				—
Publishing			0				—				—				—				—				7				—				7				—
Total Common Stocks			135,101				—				—				—				—				7				—				135,108				—
Preferred Stocks			0				—				—				—				—				—				—				0				—
Warrants			0				—				—				—				—				—				(0	)			—				—
TOTAL INVESTMENTS IN SECURITIES		$	135,101			$	—			$	—			$	—			$	—			$	7			$	(0	)		$	135,108			$	—

2. Derivative Financial Instruments. The Fund may engage in various portfolio investment strategies by investing in a number of derivative financial instruments for the purpose of hedging or protecting its exposure to interest rate movements and movements in the securities markets, hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase, or hedging against a specific transaction with respect to either the currency in which the transaction is denominated or another currency. Investing in certain derivative financial instruments, including participation in the options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses may arise if the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or that, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.

     Swap Agreements. The Fund may enter into interest rate swap or cap transactions for the purpose of hedging or protecting its exposure to interest rate movements and movements in the securities markets. The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio security transactions. In an interest rate swap, the Fund would agree to pay periodically to the other party (which is known as the “counterparty”) a fixed rate payment in exchange for the counterparty agreeing to pay to the Fund periodically a variable rate payment that is intended to approximate the Fund’s variable rate payment obligation on the Series C Auction Rate Cumulative Preferred Stock (“Series C Stock”). In an interest rate cap, the Fund would pay a premium to the counterparty and, to the extent that a specified variable rate index exceeds a predetermined fixed rate, would receive from that counterparty payments of the difference based on the notional amount of such cap. Interest rate swaps and cap transactions introduce additional risk because the Fund would remain obligated to pay preferred stock dividends when due in accordance with the Articles Supplementary even if the counterparty defaulted. In a swap, a set of future cash flows is exchanged between two counterparties. One of these cash flow streams will typically be based on a reference interest rate combined with the

THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

performance of a notional value of shares of a stock. The other will be based on the performance of the shares of a stock. Depending on the general state of short-term interest rates and the returns on the Fund’s portfolio securities at the time a swap transaction reaches its scheduled termination date, there is a risk that the Fund will not be able to obtain a replacement transaction or that the terms of the replacement will not be as favorable as on the expiring transaction.

     The Fund has entered into an interest rate swap agreement with Citibank N.A. Under the agreement, the Fund receives a floating rate of interest and pays a respective fixed rate of interest on the nominal value of the swap. Details of the swap at March 31, 2010 are as follows:

Notional				Floating Rate*		Termination		Net Unrealized
Amount		Fixed Rate		(rate reset monthly)		Date		Depreciation
$10,000,000		4.32000%		0.22813%		4/04/13		$(794,399)

     Current notional amounts are an indicator of the average volume of the Fund’s derivative activities during the period.

     Futures Contracts. The Fund may engage in futures contracts for the purpose of hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase. Upon entering into a futures contract, the Fund is required to deposit with the broker an amount of cash or cash equivalents equal to a certain percentage of the contract amount. This is known as the “initial margin.” Subsequent payments (“variation margin”) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, which are included in unrealized appreciation/depreciation on investments and futures contracts. The Fund recognizes a realized gain or loss when the contract is closed.

     There are several risks in connection with the use of futures contracts as a hedging instrument. The change in value of futures contracts primarily corresponds with the value of their underlying instruments, which may not correlate with the change in value of the hedged investments. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market. During the quarter ended March 31, 2010, the Fund had no investments in futures contracts.

     Forward Foreign Exchange Contracts. The Fund may engage in forward foreign exchange contracts for the purpose of hedging a specific transaction with respect to either the currency in which the transaction is denominated or another currency as deemed appropriate by the Adviser. Forward foreign exchange contracts are valued at the forward rate and are marked-to-market daily. The change in market value is included in unrealized appreciation/depreciation on investments and foreign currency translations. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

     The use of forward foreign exchange contracts does not eliminate fluctuations in the underlying prices of the Fund’s portfolio securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign exchange contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency increase. In addition, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. During the quarter ended March 31, 2010, the Fund had no investments in forward foreign exchange contracts.

     The following table summarizes the net unrealized depreciation of derivatives held at March 31, 2010 by primary risk exposure:

		Net Unrealized
Liability Derivatives:		Depreciation
Interest Rate Contract		$	(794,399	)

3. Tax Information. At December 31, 2009, the Fund had net capital loss carryforwards for federal income tax purposes of $18,397,965 which are available to reduce future required distributions of net capital gains to shareholders. $5,028,023 of the loss carryforward is available through 2016; and $13,369,942 is available through 2017.

DIRECTORS AND OFFICERS
THE GABELLI GLOBAL MULTIMEDIA TRUST INC.
One Corporate Center, Rye, NY 10580-1422

Stock Exchange Listing

						6.00%
		Common				Preferred
NYSE-Symbol:		GGT				GGT PrB
Shares Outstanding:			13,670,353				791,014

The Net Asset Value per share appears in the Publicly Traded Funds column, under the heading “Specialized Equity Funds,” in Monday’s The Wall Street Journal. It is also listed in Barron’s Mutual Funds/Closed End Funds section under the heading “Specialized Equity Funds.”

The Net Asset Value per share may be obtained each day by calling (914) 921-5070 or visiting www.gabelli.com.

Item 2. Controls and Procedures.

	(a)		The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
	(b)		There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) The Gabelli Global Multimedia Trust Inc.

By (Signature and Title)*		/s/ Bruce N. Alpert   Bruce N. Alpert, Principal Executive Officer

Date 6/1/10

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*		/s/ Bruce N. Alpert   Bruce N. Alpert, Principal Executive Officer

Date 6/1/10

By (Signature and Title)*		/s/ Joseph H. Egan   Joseph H. Egan, Principal Financial Officer

Date 6/1/10